Marijuana Money April 9, 2021

Next week Green Market Report is hosting its next virtual event on April 13 next week, The topic is cannabis Special Purpose Acquisition Companies. What was once seen as a promising path to IPO may already have peaked. Register and tune in to find out the latest on SPACs

Virginia is now the 17th state to legalize cannabis for adult use and the fourth state to do so by passing a bill through its state legislature versus going to the voters. On Wednesday, Virginia lawmakers approved a bill that will legalize, regulate, and tax cannabis sales for adults 21 and over.   It will probably be another two years before the state sees any retail sales.

Consolidation continues within the industry this week with Canopy Growth (NASDAQ: CGC) buying The Supreme Cannabis Company (OTCQX: SPRWF) in a deal valued at approximately $435 million. Supreme Cannabis’s portfolio of brands includes 7ACRES, 7ACRES Craft Collective, Blissco, sugarleaf, and Hiway. The combination of market leader Canopy Growth with Supreme Cannabis’ top position in Canada will lead to a pro forma Canadian recreational market share of 13.6% according to a company statement based on Headset data.

Florida-based Trulieve Cannabis Corp.  (OTCQX: TCNNF) is making a big move in Pennsylvania with the acquisition of Keystone Shops from Anna Holdings LLC in a deal valued at $60 million. Keystone has locations in Philadelphia, Devon, and King of Prussia. The deal consists of $40 million in Trulieve stock and $20 million in cash.

Organigram Holdings Inc. (NASDAQ: OGI) has acquired The Edibles & Infusions Corporation in a deal valued at $35 million consisting of $22.0 million, plus up to an additional $13.0 million in shares (payable upon the EIC business achieving certain earnout milestones.

Curaleaf Holdings, Inc. (OTCQX: CURLF) has successfully completed the previously announced acquisition of the European-based EMMAC Life Sciences Limited, a deal valued at approximately $50 million in cash and 17.5 million shares of Curaleaf.

In earnings this week:

Planet 13 Holdings Inc. (OTCQB:PLNHF) announced fourth quarter revenues were $20.1 million for the fourth quarter versus $16.5 million. For the full year, revenues were $70.5 million versus $63.6 million.The net loss for the year was $7.9 million as compared to a net loss of $6.7 million.

4Front Ventures Corp. (OTCQX: FFNTF) announced revenues of $46 million in 2020 vs. $14 million in 2019. The net loss fell considerably to $47 million from $182 million. 

 

 

 

 

Video Staff

Video Staff


Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest news delivered straight to your inbox!

Join to receive our weekly digest of today's most critical financial news on the cannabis industry

We respect your privacy. Your information is never shared.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 6 hours

So much happened this week in the industry. Did you miss something? Watch from…

@GreenMarketRpt – 6 hours

Welcome to the weekend! Catch up on all the of the week with #GreenMarketReport…

Back to Top